Oil business improves, STO generates MVR 2.38 billion as income in Q2

State Trading Organization (STO) headquarters. (File Photo)

State Trading Organization (STO)’s fuel import and distribution business of improved, and the company generated MVR 2.382 billion as income in the second quarter of 2019.

STO announced its MVR 2.382 billion income in its quarterly report last Tuesday.

STO reports 2019 has been an exceptionally good year for the company. It also noted a significant increase in its income in Q2 compared to Q1.

“The income in second quarter increased by MVR 38 million compared to the first quarter. The biggest contributor to this increase in income is the fuel business,” says STO.

Though the income from its fuel business increased, the profits from fuel business fell by 14 percent. However, the quarterly reports show an increase in profits from STO’s other business segments.

STO finished with a profit after tax of MVR 81 million in Q2.

The company generated an income of MVR 2.344 billion and a profit of MVR 104 million in Q1.

The total profit generated by STO in the first two quarters of 2019 stands at MVR 184.6 million.